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the point. rick, is your point that this weak economic report we got today shows the economy is truly weak, or are you agreeing with the consensus that it shows that government spending was the reason for the weakness? >> no. i'm saying government spending isn't really addressing some of the main issues of weakness, and when did we -- when did we have an amendment saying we're banning recessions. if the economy is destined to be smaller to get healthy, let it happen. >> but hold on, rick. what was interesting about this report to my mind was that consumer spending and business spending actually held up in the face of government spending. >> that's a wonderful thing, and i like that thing. >> it reilly should be for investors the one of figuring out in a world that looks like it will be one of declining government spending, what will happen to private sector spending and investment? >> it will reallocate the capital better. >> hey, rick, you're not going to get the end result that you think you will. nothing makes sense. i agree 100%. guess what's going to happen? we're going to get a housi
. >> what's the difference? i don't think it's necessarily a reflection of an economy that's also gaining momentum. i think that the economy is more moving sideways at this point than anything. there are other underlying reasons for the equity market to perform as well as it has and part that have is, of course, central bank policy, but, you know, i know it makes for a neat little discussion, but ultimately i'm more concerned about the economics of this, and the economics of this is we're moving sideways, not gaining much momentum at this point. >> that's what we're seeing, a choppy situation when it comes to the actual fundamentals and it's really about the federal reserve and why so much money is moving into the market. the question is do you think it's sustainable, given the fact that so far fundamentals have not mattered. what does 2013 lock like? >> i heard some equity strategists say s&p 1,700, an while fundamentally i'd love to toss that person out the window, practically speaking i think why not? why can't you get there, because at the end of the day, we're not being driven by fun
is tomorrow. of course, we had that gdp report which showed that we took a step back in terms of the economy, but the federal reserve easy money is really the catalyst here driving money into stocks. how important the employment numbers tomorrow, and what are you expecting, josh brown? >> i think they are important, and i think there's a pretty decent correlation between improving metrics from several jobs reports and the market. i want to go back and correct something. it's not the january effect. it's the january barometer when you're talking about whether or not january has predictive powers for the rest of the year, and actually it's one of the better market sayings, as go january, so goes the year. it's got -- it's got a correlative effect that something like 75% or 80%. the problem is nobody tells you when you're in the 20%, and it's not going to work, but i think what's key here, and rick touched on it. this is maybe the most important question for the market right now because we know the fed is on hold, and we're out of earnings season. all that matters is fun flows and is whether or
this economy actually do not justify this incredible run for this market. we're going to hear both sides coming up on "the closing bell." >> we will. plus a realtime check on clorox's company earnings. they're up br thnt and sitting at its all-time high right now. >>> let's check the markets for you. dow down about 99 points. off of the lows which were about 2:30 or so. 30 minutes ago on the industrial average. now back to 13,910. check the nasdaq composite where it's down about 37 points. and the s&p 500 looks like this with a decline on the session of just about 13 points. >> okay. so in today's selloff we're backing away from the all-time high on the dow set back in '07. we have danny hughes back with us from devine capital. michael holland as i live and breathe. >> blast from the past. >> mike shay from direct access on the floor with us. and our own rick santelli is in chicago. michael, i'm starting with you. you don't have sweaty palms with this selloff today? >> no. and i was saying with michael shay before we got down here, is i have friends who are short the market or out of the market
competitiveness we can have in the economy until we fix the debt overhang. what you're saying it lulls us into a complacent moment and people are saying, well, we've already done some deficit reduction, maybe we known the need for more. not cure. this is a cancer on our economy. we've got to fix a problem instead of waiting for marks to turn against us. we should do it while we have the luxury of time on our side as we do now. >> rolla, ceos from industries far and wide have been brought to the white house for meetings. they have met with leadership on both sides of the aisle, yet do you think that you guys, your fellow ceos are even fact oregon into the discussions, or is it all just lip service? yeah, we hear you. yeah, we're going to cut the deficit. yeah, we're going to do this but they don't do anything. >> i'm not really sure. what i do know is that watching this has just -- it seems like we're watching an accident in slow motion. there is no question that we have to put in place entitlement reform a chamging the tax code if we're going to have sustainable long-term economic xwroerk
at odds with what we're seeing in the economy, cherry picking the data to really support anything behind this, the recovery is here mentality. case in point is the market's reaction to a better than expected headlines report in durable goods and shrugging off negative fourth quarter gdp. the market is anticipatining ma of the one-off factors that retarded growth, hurricane sandy, impasse in washington, won't have an impact in the economy beyond the first quarter, let alone the first half. >> so do fundamentals matter then, lindsey? >> i think right now we're very much at woods what we're seeing with the one-off factors. remember, recovery is never easy and never a straight line and all the data won't point in one direction so all the while the market is focusing on the underlining trend that we see in consumption which is very confusing and at odds with what we're seeing in terms of income and job growth. right now the consumer feeling wealthier because of declines in prices at the pump and a recovery in the housing market. >> rick santelli, how much of today's rally in u.s. equities is
Search Results 0 to 5 of about 6